BELLEVUE, Wash. – (May 18, 2017) – Security Properties today celebrated the opening of Sparc Apartments in Bellevue’s Spring District. Sparc will be the first project to open in Bellevue’s emerging Spring District neighborhood.
Sparc consists of five distinct buildings offering a total of 309 studio-, one-, two-, and three-bedroom apartments as well as townhomes and live work/lofts. The new community also includes a 14,000-square-foot Bright Horizons early education center, which will share its playground with residents on the evenings and weekends.
“We could not be happier that the Spring District is finally opening its doors with the arrival of Sparc Apartments,” said John Marasco, Security Properties’ chief development officer. “Our vision of shaping this new neighborhood into a destination for urban living has come into fruition.”
Initial demand for the new apartment homes at Sparc has been strong, with nearly 25 percent leased after only a month on the market.
Sparc’s unique amenities, accessible to all residents, include a rooftop court yard with a putting green, a fitness center, pet washing station, bike storage and maintenance, WiFi cafe, and event space complete with a demonstration kitchen, game room and media lounge.
“Each building will showcase its own unique personality through design,” Marasco said. “There are numerous home feature combinations to suit individual preferences – from gas cooking, custom cabinetry and countertops, to oversized floor plans and unique color palettes.”
Overlooking downtown Bellevue, the Spring District is a 16 block, 36-acre, transit-oriented, mixed-use urban neighborhood located on a former Safeway grocery distribution center. This visionary campus, modeled after Portland’s thriving Pearl District, will be home to future retailers, restaurants, hotels and more than 2,000 residents and 13,000 employees.
Recreational Equipment Inc. (REI) will relocate its global headquarters to the neighborhood in 2020. Later this year the Global Innovation Exchange (GIX) – a partnership between the University of Washington, China’s Tsinghua University and Microsoft – will welcome its first students for a graduate degree program that combines project-based learning in design thinking, technology development and entrepreneurship.
Minutes from I-405 and SR 520, Sparc is accessible to major eastside employers like Google, Microsoft, Expedia, Overlake Hospital and T-Mobile. East Link Light Rail service – currently under construction – will connect the neighborhood to Seattle and other parts of the region beginning in 2023.
Adjacent to Sparc, Security Properties is building Phase II of their Spring District mixed-use residential development. Scheduled to open in late 2018, Phase II will consist of three buildings and 279 units of studio-, one- and two-bedroom apartments. The project will include two ground-floor commercial spaces, totaling 3,700 square feet, designed to attract neighborhood oriented retailers and other service providers.
Sparc project team:
· Developer: Security Properties
· Architect: GGLO
· General contractor: Walsh Construction
· Structural engineering: Cary Kopczynski & Co.
· Equity partner: USAA Real Estate Co.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle. For more than 45 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed more than 66,500 residential units at a cost of over $3.35 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com.